Brigade Enterprises shares surge over 8% to new record high as net profit rises 3-fold in Q4

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Brigade Enterprises, one of India’s leading property developers, jumped 8.66% to reach a historic peak of ₹1,331.45 apiece in early morning trading today, driven by the company's robust performance for Q4 and the full fiscal year (FY24).On Tuesday, the company reported a 233% surge in its consolidated profit to ₹210 crore for the March quarter as compared to a net profit of ₹63 crore in the same period last year. Its revenue from operations soared to ₹1762 crore, an improvement of 100% compared to ₹872 crore in Q4 FY24.

Also Read: Concord Biotech share price surges 20% as Kotak upgrades the stock to an addThe company achieved a pre-sales volume of approximately 2.72 million square feet in Q4 FY24, representing 61% growth over Q3 FY24. The sales value reached ₹2,243 crore in Q4 FY24, marking a 47% increase from Q3 FY24.

Currently, there are ongoing projects covering 21 million square feet, with 1.82 million square feet launched during Q4 FY24.Collections during the March quarter stood at ₹1,838 crore as compared to ₹1,463 crore in Q4 FY23.During the 2023–24 fiscal year, Brigade Enterprises' net profit rose to ₹451.61 crore from ₹291.41 crore the previous year. Revenue from operations increased to ₹5,064.15 crore from ₹3,563.21 crore in the 2022–23 fiscal year.

The average realization stood at ₹7,968 per square foot during FY24, a 23% increase over FY23.Also Read: IRCTC share price declines 5% post Q4 results on tepid net profit growthIn FY24, the real estate business registered revenues of ₹3,662 crore, a 51% increase over FY23. The leasing vertical grew by 25% over FY23, with revenues of ₹938 crore and an overall occupancy rate of 97%.